Media Center | Press Releases « 2004 Press Releases »

2004 Press Releases

FOR IMMEDIATE RELEASE

Contact: Scott Smith, 412-288-7696, scott.b.smith@fhlb-pgh.com

COMMUNITY BANK & TRUST HONORED AT FEDERAL HOME LOAN BANK OF PITTSBURGH'S PILLARS OF THE COMMUNITY AWARDS

HAZLETON, PA, June 21, 2004 — The Federal Home Loan Bank of Pittsburgh's Pillars of the Community awards honor financial institutions for outstanding work in creating housing for lower-income families and promoting community revitalization and economic development throughout Delaware, Pennsylvania and West Virginia.

At the third of four regional conferences held in June, the FHLBank of Pittsburgh honored Community Bank & Trust Company of Clarks Summit, PA.

"Financial institutions honored as Pillars of the Community understand that affordable housing and community development are central to creating sustainable and livable communities," said John J. Bendel, director of Community Investment of the FHLBank of Pittsburgh. "Community Bank & Trust Company has put our program dollars to work in ways that will benefit Pennsylvania communities far into the future. We're privileged to honor them today."

In honor of this award to Community Bank & Trust Company, the FHLBank of Pittsburgh is presenting a check for $1,000 to Upper Valley YMCA of Carbondale, PA.

Community Bank & Trust Company has been meeting the financial and community needs of northeastern Pennsylvania since 1934. Community Bank & Trust has been a strong user of FHLBank programs, especially the Banking On Business program. In 2003, Community Bank & Trust enabled the flow of more than $400,000 in BOB funding to businesses in the Clarks Summit area. These businesses expect to preserve or create approximately 150 jobs for local residents.

In 2003, Community Bank & Trust employees volunteered extensively through a community service program that benefits dozens of civic, professional, religious, nonprofit and educational organizations. Many bank managers and officers participate on the boards of the same or similar organizations. The bank also assisted in securing grants from the ExxonMobile Education Alliance program for five local schools. The bank donated more than $200,000 to local schools and nonprofits in 2003.

Pillars of the Community award recipients are selected from all financial institution members of the FHLBank of Pittsburgh that have used the FHLBank's community investment products in the previous calendar year. Winners are selected by an FHLBank committee and are approved by the Affordable Housing Committee of the FHLBank's Board of Directors.

The Federal Home Loan Bank of Pittsburgh, with assets of more than
$57 billion, serves nearly 350 financial institution members in Delaware, Pennsylvania and West Virginia and is part of the Federal Home Loan Bank System. It is one of twelve FHLBanks, all private cooperatively owned banks that provide wholesale housing finance, community lending and correspondent banking services to member banks, savings institutions, credit unions and insurance companies.

To request photos or interviews, please call 412-288-7696.